President Irfaan Ali has agreed to set up a ‘Saudi Arabia Desk’ in the Ministry of Finance with the aim of furthering investments from the kingdom.
Additionally, Ali has also committed a portion of land for the Middle Eastern country to establish an Embassy in Guyana.
The President made the commitment during the opening of the Guyana–Saudi Arabia Investment Engagement yesterday at the Arthur Chung Conference Centre. The Saudi delegation is headed by Badr Al Badr, the Deputy Minister for Investors Outreach and includes at least 65 members of the private sector and multinational companies.
Badr said that his country is keen on investing in the Caribbean and seeks Guyana as a strategic partner. He added that the delegation includes decision-makers attached to some of the biggest investors from his country, before noting that they are ready to capitalise on the opportunities in Guyana.
“I am especially pleased to be leading this large delegation and it’s a historical moment. The large delegation of 65 includes heads of leading Saudi companies and investment institutions [along with] representatives from different Saudi ministries and agencies as well. We feel this visit is the start of a historical moment between Saudi Arabia and Guyana and this delegation is an excellent opportunity for you to see firsthand what we have to offer you and your companies.
“We believe in the opportunities and we very much want to develop the investments dialogue which we have recently begun with you. After all, one of the engines of growth for any economy is in investments. Investments lead to asset creation, which leads to enhanced production, employment and overall economic progress. And investments link the present with the future [and] investments now in productive assets will build the future and at the same time, stimulate current demand and supply,” he said.
Badr said that they are looking at investment opportunities in every sector, while calling for a special investment regime for their investors.
“We are coming with a club of business and large leading Saudi companies for the first time…what I’m asking is that we should really be getting special incentives, a special desk under your presidency or even in one of the ministries that handles Saudi investments and look after Saudi investors. Plus, we should be looking for also some type of terms and conditions that are tailor-made also for the Saudi companies,” he said.
He added, “It is clear we have an excellent opportunity to work together and to build. We must not let these opportunities pass us by. We should capture this golden opportunity. We are looking forward so much to our discussions with you and with your team. So that together we can start to develop a roadmap. After these, visits, a follow-up is the key through an institutionally structured way and that’s why we’re doing a roadmap for Saudi Arabia and Guyana to work together and grow together.”
Meanwhile, President Ali committed to doing everything to facilitate the investment by the Saudis. He said that a ‘Saudi Arabia Desk’ will be established in the Ministry of Finance while going further to invite the Kingdom to set up a local embassy.
“…not only a special desk we want to create, but we also want to create a special presence with the establishment of your embassy. But in the meantime, consider it done. As of today, there will be a Saudi Arabia Desk in the Ministry of Finance. You can hire two to three Guyanese to be part of that [desk and] we’ll put counterpart officials…,” Ali said.
He added “…terms and conditions for investment from Saudi Arabia, do not worry about this. I assure you that you will never be treated less than any other investor. You can be assured of that. You will not be looked at in a lesser manner or treated in a lesser manner. We want to partner with the world but you must understand that we also want to move quickly. We have an obligation to the people of this country to deliver to them as fast as we can.”
The President welcomed the delegation’s members, telling them that he is hoping for direct talks that would materialise into investments as opposed to roundtable discussions. He invited the potential investors to look at the blueprint for development and assess their areas of interest.
Finance Minister Dr. Ashni Singh presented the team with areas for potential investments. A number of presentations were also made by various ministers.
